RBS - Direct Line Conveyancing Panel Information

Most lenders do not operate a specific buy to let conveyancing panel but we are hearing about a few that do. We do not know what the position is with RBS - Direct Line as at todays date. If you're about to receive instructions from a client on a buy to let purchase with a mortgage from RBS - Direct Line we suggest that you call RBS - Direct Line to check the position.

For most lenders participation on the lender's panel of conveyancers is at the absolute discretion of the the lender. Many lenders reserve the right to accept or reject any application without giving any reason. You should check your original application to join the RBS - Direct Line conveyancing panel to see if you are entitled to a reason.

RBS - Direct Line approved panel lawyers are bound by the Part II instructions relating to Transfer of Equity. These are set out in Section 16.3. First, your firm must approve the form of Transfer of Equity (which should be in the Land Registry's standard form) and, if RBS - Direct Line require, the deed of covenant on their behalf. You will need to check RBS - Direct Line CML Part 2 conditions to see if RBS - Direct Line have standard forms of transfer and deed of covenant. Please note that this requirement can change from one transaction to another so do check! Second,When drafting or approving a transfer, you should bear in mind that: although the transfer should state that it is subject to the mortgage (identified by date and parties), it need give no details of the terms of the mortgage; the transfer need not state the amount of the mortgage debt. If it does, the figure should include both principal and interest at the date of completion, which you must check ; there should be no statement that all interest has been paid to date. Further obligations are set out in the UK Finance Lenders’ Handbook which have to be followed by all firms on the RBS - Direct Line conveyancing panel

In this situation please explain on the application what steps you have taken to discover the reasons behind cancellation of your RBS - Direct Line panel membership. In particular please provide details if you have received communications from the lender. E.G. before cessation of your panel membership did you receive any letters or calls from the lender putting you on notice?

You would be advised to get in touch with RBS - Direct Line to obtain standard documents. The The Council of Mortgage Lenders Handbook has a specific section for lenders to establish who to contact to obtain standard documents. RBS - Direct Line in their Part 2’s state: It helps to disclose your RBS - Direct Line conveyancing panel reference.